Selling a property is an important and often emotional transaction; therefore it is vital that a Seller understands the procedures involved.
In our Tips and Hints section we aim to cover everything from the basics such as online marketing, through to the legal procedures involved in selling property. We hope this information is a useful accompaniment.
1) Research:
The internet is a great source of neutral up-to-date real estate knowledge. Use agent and portal websites (such as realestate.com.au) to look at current listing in your area. Do a comparison and get a good idea on the price you think you’ll achieve in the current market.
2) Appraisal/Pricing:
The amount you list your property for, is a very important factor in its sale. If you price too low, you’ll sell quickly but may not achieve the best price and if you price too high you risk being on the market too long and denying yourself interest and enquiry on the property.
Therefore it’s important to get your property appraised by reputable agents – and more than one, so that you can make comparisons not only on their pricing but also there services.
Receiving more than one appraisal will give you a better idea of the current market pricing and will make you more educated and confident in the decided listing price.
3) Employ an agent:
It is paramount that you are comfortable and confident in the agent you ultimately select to sell your home. Make sure to question them on their experience, local and market knowledge, as well as the services they provide within their fee. Marketing is also a very important part of a sale – so ensure your agent can provide you with everything you feel you’ll require in that area.
Commission rates should never be the deciding factor in who you select; you need a professional who can provide you with the best service, knowledge and maximum exposure for your property.
4) Finance:
Your selected agent will be able to point you in the right direction if you need to, speak to a lender or finance broker about paying out an existing loan or re-financing.
5) Presentation:
Presenting your property in a manner that makes it appeal to buyers is very important. Your agent will be able to give you general advice or can get you in contact with a professional property presenter.
Sometimes investing a little money in the presentation of your property can often pay off in the form of a higher sale price, or a quicker sale.
6) Marketing:
Home opens, property inspections and maximum exposure are the key to selling your home.
Your agent will advise on the best marketing strategy for your home’s area, target demographic and budget. But make sure they provide you with at least the following basics:
- A for sale sign board, in-office marketing and home opens are essentials services that all agents provide stock standard.
- An online presence in this day and age is more important than any other marketing forum. Your agent should be able to provide you with exposure on at least 3 websites and will be able to supply you with an array of online-marketing ‘added extras’ depending on your properties requirements.
- Press marketing may be getting over taken by online – but it still has a strong presence, especially for buyers looking for weekend home open information.
7) Communication:
Your agent will communicate with you on a regular basis as to the progress of your listing. Make sure you discuss the performance of your marketing mediums and feedback from inspections to assess whether there is room for improvement, or whether the buyer enquiry is successful, taking into account the local current market.
Make sure to discuss any options that may be available to improve enquiry and presentation to obtain a faster sale.
8) Offer:
Your agent will submit any offers received on your property. You have the option to accept offers, deny or re-negotiate on the price or clauses.
Discuss your price options, settlement time frames and clauses with your agent. Make sure you are well educated and happy with everything in the agreement before you accept and sign off.
Be aware of any clause due dates, your agent will chase these and inform you of their approval once met. When all the clauses in the contract are met, your property offer becomes unconditional and is then ready for settlement to take place.
At this point you also need to nominate a Settlement Agent to take care of the legal proceedings on your behalf. If you do not already have someone selected, your agent will be able to suggest a company for you.
9) Moving:
Make sure you organise all the elements associated with moving including: your electricity, telephone, gas, internet and removalists once a settlement date has been confirmed and all contract clauses have been met.
10) Settlement:
Congratulations on your successful sale! At this point organise handing over the keys to your agent, and arrange your move prior to the Buyers agreed possession time and date.
Make sure to update your contents insurance and notify the relevant authorities of your change of address.